The differences between a reciprocal link and a one way link is more than the number of links that are involved. The basic principles behind each has a bearing on how much traffic a website may have and how the site will rank in the eyes of Google's PageRank system. These differences between a reciprocal and one way link can often be associated with PageRank scores due to the benefits one or the other seems to have.
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When you talk about a reciprocal link, this is a link that both websites who have decided to link to each other have. This is used to get the visitors of either site to visit the other site and vice versa. This is basically a mutual link where a person can go back and forth between both sites. A one way link, on the other hand, is simply a link that leads to one site without a link leading back to the other site. There has been talk about which kind of a link can be more beneficial to a site. Some people believe that one is better than the other; however, utilization of both is still seen on a lot of websites for the purpose of increasing pagerank.